Assetmark Inc. Has $23.47 Million Stake in Chevron Corporation (NYSE:CVX)

Key Points

• Assetmark Inc. has reduced its stake in Chevron Corporation by 17.2%, now holding 140,275 shares valued at $23,467,000 after selling 29,161 shares during the first quarter.
• Chevron's most recent earnings report showed $2.18 earnings per share, exceeding the consensus estimate of $2.15, although revenues were down 2.3% year-over-year.
• The company announced a quarterly dividend of $1.71 per share, resulting in an annualized dividend of $6.84 and a dividend yield of 4.42%.

Assetmark Inc. lessened its stake in shares of Chevron Corporation (NYSE:CVX - Free Report) by 17.2% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 140,275 shares of the oil and gas company's stock after selling 29,161 shares during the period. Assetmark Inc.'s holdings in Chevron were worth $23,467,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Sage Capital Advisors llc raised its holdings in Chevron by 2.2% during the 1st quarter. Sage Capital Advisors llc now owns 42,421 shares of the oil and gas company's stock worth $7,097,000 after buying an additional 919 shares during the period. CCG Wealth Management LLC grew its stake in Chevron by 2.3% during the 1st quarter. CCG Wealth Management LLC now owns 6,334 shares of the oil and gas company's stock valued at $1,060,000 after acquiring an additional 145 shares in the last quarter. Ignite Planners LLC grew its stake in Chevron by 14.1% during the 1st quarter. Ignite Planners LLC now owns 12,316 shares of the oil and gas company's stock valued at $2,060,000 after acquiring an additional 1,519 shares in the last quarter. Vista Capital Partners Inc. grew its stake in Chevron by 9.1% during the 1st quarter. Vista Capital Partners Inc. now owns 5,938 shares of the oil and gas company's stock valued at $993,000 after acquiring an additional 495 shares in the last quarter. Finally, Oregon Public Employees Retirement Fund grew its stake in Chevron by 0.5% during the 1st quarter. Oregon Public Employees Retirement Fund now owns 143,914 shares of the oil and gas company's stock valued at $24,075,000 after acquiring an additional 675 shares in the last quarter. Institutional investors and hedge funds own 72.42% of the company's stock.

Chevron Stock Performance

Shares of CVX stock traded down $1.00 during trading hours on Friday, reaching $154.84. 7,872,671 shares of the company's stock were exchanged, compared to its average volume of 11,984,889. Chevron Corporation has a fifty-two week low of $132.04 and a fifty-two week high of $168.96. The stock has a market capitalization of $270.40 billion, a P/E ratio of 17.70, a P/E/G ratio of 2.44 and a beta of 0.83. The business has a fifty day moving average price of $145.12 and a 200-day moving average price of $148.82. The company has a quick ratio of 0.82, a current ratio of 1.08 and a debt-to-equity ratio of 0.17.

Chevron (NYSE:CVX - Get Free Report) last issued its quarterly earnings results on Friday, May 2nd. The oil and gas company reported $2.18 EPS for the quarter, topping analysts' consensus estimates of $2.15 by $0.03. Chevron had a return on equity of 10.73% and a net margin of 7.76%. The company had revenue of $47.61 billion during the quarter, compared to analyst estimates of $49.05 billion. During the same period in the previous year, the company earned $2.93 earnings per share. The company's quarterly revenue was down 2.3% compared to the same quarter last year. Analysts predict that Chevron Corporation will post 10.79 EPS for the current fiscal year.

Chevron Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, June 10th. Investors of record on Monday, May 19th were paid a $1.71 dividend. The ex-dividend date of this dividend was Monday, May 19th. This represents a $6.84 dividend on an annualized basis and a dividend yield of 4.42%. Chevron's payout ratio is 78.17%.

Wall Street Analyst Weigh In

CVX has been the topic of several research analyst reports. Piper Sandler reaffirmed an "overweight" rating on shares of Chevron in a research note on Tuesday, July 15th. TD Cowen lowered their target price on Chevron from $155.00 to $150.00 and set a "hold" rating on the stock in a research note on Monday, May 5th. Hsbc Global Res cut Chevron from a "strong-buy" rating to a "hold" rating in a research note on Tuesday, May 13th. BNP Paribas cut Chevron to a "cautious" rating in a research note on Tuesday, April 15th. Finally, DZ Bank cut Chevron from a "buy" rating to a "sell" rating and set a $130.00 target price on the stock. in a research note on Tuesday, May 6th. Three investment analysts have rated the stock with a sell rating, six have given a hold rating and nine have issued a buy rating to the company's stock. According to MarketBeat, the company has a consensus rating of "Hold" and an average target price of $162.13.

Chevron Company Profile

Chevron Corporation, through its subsidiaries, engages in the integrated energy and chemicals operations in the United States and internationally. The company operates in two segments, Upstream and Downstream. The Upstream segment is involved in the exploration, development, production, and transportation of crude oil and natural gas; processing, liquefaction, transportation, and regasification of liquefied natural gas; transportation of crude oil through pipelines; transportation, storage, and marketing of natural gas; and carbon capture and storage, as well as a gas-to-liquids plant.